Pharmacist Net Worth 2020. Poll!

[TateThePharmacist]

Are the rates competitive? I was under the impression that doctor loans typically feature higher interest rates. Might be a trade-off you're willing to accept if you have no proof income and high debt burden. But for an otherwise well qualified pharmacist with years of income history and solid credit, I thought conventional loans would net a lower interest rate. PMI vs. interest rate...I'll take the lower rate since the PMI doesn't apply to the entire life of the loan.

Yes the rates are slightly higher than a conventional loan, but there's so many factors that go into this decision than just that. Very few people keep a mortgage without refinancing over a 15-30 year term (rates always hit a low point every 10-15 years, think about what happened to rates 10-15 years ago and where they currently are). Think about the lost home value you loose by waiting years to build enough for a down payment as well as the lost rent you paid in that time frame. Even with all that though, it still might not be the right financial option for everyone. There's a lot of factors that go into this, and each person's situation is going to be slightly different. I just think it's important that everyone knows their options.

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[wazoodog]

1.1m after accounting for mortgage owed. Early 40s, Started with about 100k school debt and paid off. A series of lump sum retention bonuses, severance payment, and stock options from work played a big part in paying off my loans and giving me some capital to start investing. Wife works but salary is less than half of mine. Net worth has grown at a faster rate since using a financial advisor for the past 5 years - he basically takes a certain amount each month and puts into various investment accounts he manages for us. Some people have the discipline to learn and practice financial literacy, but I realized I needed a "personal trainer" to keep me on track and get the most out of what I put in. I keep a stock trading account on the side to play with, but it's actually grown quite a bit from the small amount I initially put in.

 

[wagrxm2000]

1.1m after accounting for mortgage owed. Early 40s, Started with about 100k school debt and paid off. A series of lump sum retention bonuses, severance payment, and stock options from work played a big part in paying off my loans and giving me some capital to start investing. Wife works but salary is less than half of mine. Net worth has grown at a faster rate since using a financial advisor for the past 5 years - he basically takes a certain amount each month and puts into various investment accounts he manages for us. Some people have the discipline to learn and practice financial literacy, but I realized I needed a "personal trainer" to keep me on track and get the most out of what I put in. I keep a stock trading account on the side to play with, but it's actually grown quite a bit from the small amount I initially put in.

I'll take half what your advisor takes and put it in an index fund for you.

 

[johnpharm01]

I was so proud on my first 100k. I thought I needed 500k then I'll be happy and can cut back on work. But nope... Then, 1M I thought it was hard, then 2M+ came. Now, I really don't have to kill it at work just coasting. The number will come, it's just a matter of time if you live below your means.

Your last line is worth a million dollars. It's really as simple as that. However, many Americans can't live within their means let alone below. They become the profit source for others and permanat wage earners.

 

[wazoodog]

I'll take half what your advisor takes and put it in an index fund for you.

An index fund is one of the funds he manages for me.

 

[wagrxm2000]

An index fund is one of the funds he manages for me.

What percent is this person taking?

You realize they aren't actually doing anything right?

You can just ask me how much risk you want to take and I can tell you which vanguard funds to buy.

For the low, low, cost of 1%?

 

[wazoodog]

What percent is this person taking?

You realize they aren't actually doing anything right?

You can just ask me how much risk you want to take and I can tell you which vanguard funds to buy.

For the low, low, cost of 1%?

The rate is 1% quarterly. I dont doubt that you could achieve the same or better return per cost, but at the end of the day I know his qualifications and dont know yours.

As for what they're doing or not doing, it's somewhat relative and they're doing great in that regard.

 

[wagrxm2000]

The rate is 1% quarterly. I dont doubt that you could achieve the same or better return per cost, but at the end of the day I know his qualifications and dont know yours.

As for what they're doing or not doing, it's somewhat relative and they're doing great in that regard.

1% of AUM? I hope that's not what you mean.

My qualifications are good old fashion indexing for many years.

Not trying to be a jerk, but advisors don't ever outperform the market and actually underperform since they are also taking a little for themselves.

I can literally tell you a fund that will perform exactly the same as the S&P500 and give you a fund for bonds too. There really isn't any secrets here.

Please just tell me it's not 1% AUM

 

[mentos]

The rate is 1% quarterly. I dont doubt that you could achieve the same or better return per cost, but at the end of the day I know his qualifications and dont know yours.

As for what they're doing or not doing, it's somewhat relative and they're doing great in that regard.

What kind of car does he drive?

I know someone who had a financial advisor. They drove a Mercedes.

 

[WVUPharm2007]

The rate is 1% quarterly.

*Spits out coffee*

Your NW is $1.1 mil? You're paying this dude $10,000 a year to click a few buttons. You could just toss all of that into a Vanguard Target Date Fund and get the same results.

What funds has he picked for you? Unless you are in low cost index funds, you might be paying really high fees.

Even if he's picking cheap funds for you, he's getting that 1%. Compounded over time, he's potentially taking mid 6-figures from you.

I get that he's gotten your results over the last 5 years, but the last 10 years have been one of the largest economic bulls in US history.

I got into the wrong business.

@Momus when this golden pharmacy era is done and dusted, you want to do a CFP program and open up a financial planning business for pharmacists with me? We can just sit back, buy Vanguard funds, and get management fees for laying in the cut. Hell, let's undercut them. We can "only" charge 0.5% of their accounts every year. We could have everything so streamlined. Just know the CVS, Wags, Walmart, Rite Aid, Kroger, Costco, Wegmans, Publix (and a few others) 401k plan options inside and out.

 

[Argentium]

*Spits out coffee*

Your NW is $1.1 mil? You're paying this dude $10,000 a year to click a few buttons. You could just toss all of that into a Vanguard Target Date Fund and get the same results.

What funds has he picked for you? Unless you are in low cost index funds, you might be paying really high fees.

Even if he's picking cheap funds for you, he's getting that 1%. Compounded over time, he's potentially taking mid 6-figures from you.

I get that he's gotten your results over the last 5 years, but the last 10 years have been one of the largest economic bulls in US history.

I got into the wrong business.

@Momus when this golden pharmacy era is done and dusted, you want to do a CFP program and open up a financial planning business for pharmacists with me? We can just sit back, buy Vanguard funds, and get management fees for laying in the cut. Hell, let's undercut them. We can "only" charge 0.5% of their accounts every year. We could have everything so streamlined. Just know the CVS, Wags, Walmart, Rite Aid, Kroger, Costco, Wegmans, Publix (and a few others) 401k plan options inside and out.

I mean I would generally agree with you but we don’t know the performance of this guy over the last few years. If he’s been beating the market in a way that makes his fee worth it then more power to him.

Worth noting that anyone with any serious wealth does actually use a financial advisor of some sort (either your typical one or through a family office, etc)

 

[WVUPharm2007]

I mean I would generally agree with you but we don’t know the performance of this guy over the last few years. If he’s been beating the market in a way that makes his fee worth it then more power to him.

Worth noting that anyone with any serious wealth does actually use a financial advisor of some sort (either your typical one or through a family office, etc)

He isn't beating the market. Over the course of time, nobody can. It's just statistics and probability. If you want advice, fine, find a fee-based fiduciary. I ain't paying some dude 1% every year. Shew.

 

[wazoodog]

He isn't beating the market. Over the course of time, nobody can. It's just statistics and probability. If you want advice, fine, find a fee-based fiduciary. I ain't paying some dude 1% every year. Shew.

A few clarifications:

1. His fee is a percentage from the portion he manages, not of my NW.

2. The primary purpose of using a financial planner has less to do with beating the market for 5 years, and more to do with planning and reaching financial goals.

I'm not here to advocate for or against using one. I myself saw no point in using one until I reached mid 30s.

At the end of the day, it's of little relevance whether anyone from SDN claims I'd be better off taking their advice - I've had friends tell me similar. It's not unlike physical fitness - there are some who can reach their goals on their own. There are others who see benefit from working with a trainer than they would have on their own. I'm sure to those who can do it on their own, hiring a trainer would seem like a waste...yet we also see plenty of people who buy into the "waste" mentality even while struggling to plan long term goals, let alone reach them.

 

[WVUPharm2007]

A few clarifications:

1. His fee is a percentage from the portion he manages, not of my NW.

2. The primary purpose of using a financial planner has less to do with beating the market for 5 years, and more to do with planning and reaching financial goals.

I'm not here to advocate for or against using one. I myself saw no point in using one until I reached mid 30s.

At the end of the day, it doesn't matter whether anyone from SDN claim I'd be better off taking their advice - I've had friends tell me similar. It's not unlike physical fitness - there are some who can reach their goals on their own. There are others who see benefit from working with a trainer than they would have on their own. I'm sure to those who can do it on their own, hiring a trainer would seem like a waste...yet we also see plenty of people who buy into the "waste" mentality even while struggling to plan long term goals, let alone reach them.

Fair enough. You do you.

 

[wagrxm2000]

A few clarifications:

1. His fee is a percentage from the portion he manages, not of my NW.

2. The primary purpose of using a financial planner has less to do with beating the market for 5 years, and more to do with planning and reaching financial goals.

I'm not here to advocate for or against using one. I myself saw no point in using one until I reached mid 30s.

At the end of the day, it's of little relevance whether anyone from SDN claims I'd be better off taking their advice - I've had friends tell me similar. It's not unlike physical fitness - there are some who can reach their goals on their own. There are others who see benefit from working with a trainer than they would have on their own. I'm sure to those who can do it on their own, hiring a trainer would seem like a waste...yet we also see plenty of people who buy into the "waste" mentality even while struggling to plan long term goals, let alone reach them.

There isn't a single reason for you to have an advisor stealing (being paid?) that much.

Well unless you are addicted to gambling I guess and can't be trusted with your money.

Stop giving away your money.

Please again just tell me they aren't taking 1% quarterly (4% a year?) from everything they manage.

 

[wagrxm2000]

If anyone else here has a financial advisor and doesn't want to believe a few random strangers just go to bogleheads.org and you'll find tens of thousands of others who will tell you the same thing

 

[WVUPharm2007]

Please again just tell me they aren't taking 1% quarterly (4% a year?) from everything they manage.

I assumed it was 1% annual rate taken out over 4 payments. 4% seems rather unbelievable. If it's actually 4% I think we need to go to this dude's house and have an intervention.

 

[Chrish]

One of my good friends has an advisor. He has become a fan because his advisor told him to invest heavily during March corona dips and now he is making significantly more; he credits this to the genius of his advisor and swears by him/her

 

[wazoodog]

There isn't a single reason for you to have an advisor stealing (being paid?) that much.

Well unless you are addicted to gambling I guess and can't be trusted with your money.

Stop giving away your money.

Please again just tell me they aren't taking 1% quarterly (4% a year?) from everything they manage.

You obviously don't see the point in having a financial planner and I'm fine with that. I have no interest in persuading you or justifying a personal decision concerning my finances. It's a decision based on who I am, what my situation was at that time, and the value I see from using one vs. how I managed before I had one.

Personally, this is one of the reasons why I avoid talking about my finances among friends. People tend to take things quite personally when what we do with our money should have no effect on what someone else does with theirs. If they choose to ask a specific question of what I do, I'll answer but I refrain from giving any judgement whether it's the best way or not.

In any case, I'm assuming you've never used a (good) financial planner since it doesn't seem like you quite understand what they actually do.

 

[wagrxm2000]

You obviously don't see the point in having a financial planner and I'm fine with that. I have no interest in persuading you or justifying a personal decision concerning my finances. It's a decision based on who I am, what my situation was at that time, and the value I see from using one vs. how I managed before I had one.

Personally, this is one of the reasons why I avoid talking about my finances among friends. People tend to take things quite personally when what we do with our money should have no effect on what someone else does with theirs. If they choose to ask a specific question of what I do, I'll answer but I refrain from giving any judgement whether it's the best way or not.

In any case, I'm assuming you've never used a (good) financial planner since it doesn't seem like you quite understand what they actually do.

They do nothing, that's what they do.

If you want someone to help you after you retire that is fine but paying someone now is a complete waste of money.

How much are you paying this person a year?

I will gladly have a conversation if you want to enlighten me on what they do for you

 

[wazoodog]

If anyone else here has a financial advisor and doesn't want to believe a few random strangers just go to bogleheads.org and you'll find tens of thousands of others who will tell you the same thing

Appreciate the link. I checked it out and there's some good info on there - will look into it more.

 

[wagrxm2000]

Appreciate the link. I checked it out and there's some good info on there - will look into it more.

I'm honestly not meaning to be a jerk but I really hope you try to do it on your own

 

[wazoodog]

They do nothing, that's what they do.

If you want someone to help you after you retire that is fine but paying someone now is a complete waste if money.

How much are you paying this person a year?

Why are you so insistent on knowing how much I pay this person a year? I don't see why it means anything to you.

You've made your opinion clear, and we can now agree to disagree and move on with our separate financial lives.

 

[WVUPharm2007]

Appreciate the link. I checked it out and there's some good info on there - will look into it more.

Bogleheads Guide to Investing is probably the #1 book I would recommend to a novice looking to get an introductory grasp on how investing works. It's a quick, easy read with good info.

 

[WVUPharm2007]

They do nothing, that's what they do.

If you want someone to help you after you retire that is fine but paying someone now is a complete waste of money.

How much are you paying this person a year?

I will gladly have a conversation if you want to enlighten me on what they do for you

I wouldn't say they do nothing. They do nothing like pharmacists do nothing. Most people can get by on their own. But talking to us about things can enrich their overall healthcare access and efficacy. A good advisor can open your eyes up to options you've never considered.

Which is why if the advisor was a fee based fiduciary, I wouldn't think twice. Get that good advice and put it to use. But when advisors start getting paid by the percentage of AUM, I honestly think it can be predatory in many cases. 1% every year is an insane amount of money to pay someone.

If you do AUM fees in the beginning, it's not that expensive. But if you are paying AUM for 7 figure accounts, boy oh boy it can be expensive. You can just buy a financial check up session with a CFP for waaaaaay less than an AUC advisor would charge you.

 

[wagrxm2000]

Why are you so insistent on knowing how much I pay this person a year? I don't see why it means anything to you.

You've made your opinion clear, and we can now agree to disagree and move on with our separate financial lives.

Because financial advisors are scammers. They try to sell a bunch of stuff and don't actually care about their clients.

They charge ridiculous high rates and you get no benefit from them.

If advisors actually made you more money then they would be worth it but they don't.

 

[wazoodog]

I'm honestly not meaning to be a jerk but I really hope you try to do it on your own

No offense taking. It's just rather interesting that you feel so strongly about it as if it's personal. I don't see what difference it would make to you what a random poster chooses to do with their finances. If I was trying to make a case for everyone to do something and you disagreed,..sure I'd understand.

I don't disagree with you that DIY is ideal. Again, this is one of those choices that can be different for each individual - just like achieving fitness goals. Training under a DIY plan would be ideal, but unrealistic to expect everyone's DIY performance to outperform that of personal trainer's. Not everyone is as committed to researching bogleheads or researching the subject. It's a worthwhile endeavor, but let's face it - there are some people to whom this is an interesting hobby or even passion and then there are plenty of others who think of it as a big headache. And then there's a lot in between.

Bogleheads Guide to Investing is probably the #1 book I would recommend to a novice looking to get an introductory grasp on how investing works. It's a quick, easy read with good info.

Always on the lookout for a good book on the topic.

 

[wagrxm2000]

I wouldn't say they do nothing. They do nothing like pharmacists do nothing. Most people can get by on their own. But talking to us about things can enrich their overall healthcare access and efficacy. A good advisor can open your eyes up to options you've never considered.

Which is why if the advisor was a fee based fiduciary, I wouldn't think twice. Get that good advice and put it to use. But when advisors start getting paid by the percentage of AUM, I honestly think it can be predatory in many cases. 1% every year is an insane amount of money to pay someone.

If you do AUM fees in the beginning, it's not that expensive. But if you are paying AUM for 7 figure accounts, boy oh boy it can be expensive. You can just buy a financial check up session with a CFP for waaaaaay less than an AUC advisor would charge you.

This is a matter of a person willing to do a little research on their own.

What you said is very true but after they say that once, what exactly are you now paying them for?

 

[WVUPharm2007]

Personally, this is one of the reasons why I avoid talking about my finances among friends. People tend to take things quite personally when what we do with our money should have no effect on what someone else does with theirs. If they choose to ask a specific question of what I do, I'll answer but I refrain from giving any judgement whether it's the best way or not.

In any case, I'm assuming you've never used a (good) financial planner since it doesn't seem like you quite understand what they actually do.

I don't think he's "taking it personally" as much as he's just concerned that you are making some dude really rich when you can get the same advice for much cheaper.

 

[wagrxm2000]

No offense taking. It's just rather interesting that you feel so strongly about it as if it's personal. I don't see what difference it would make to you what a random poster chooses to do with their finances. If I was trying to make a case for everyone to do something and you disagreed,..sure I'd understand.

I don't disagree with you that DIY is ideal. Again, this is one of those choices that can be different for each individual - just like achieving fitness goals. Training under a DIY plan would be ideal, but unrealistic to expect everyone's DIY performance to outperform that of personal trainer's. Not everyone is as committed to researching bogleheads or researching the subject. It's a worthwhile endeavor, but let's face it - there are some people to whom this is an interesting hobby or even passion and then there are plenty of others who think of it as a big headache. And then there's a lot in between.



Always on the lookout for a good book on the topic.

It's actually not a hobby. My wife and i have everything on auto. Money gets taken out and put in our 401k and vanguard takes money monthly to be put in an index or two.

We don't touch it or think about it.

Yes I have a side hobby but the above doesn't require any time.

I "take it personal" because I know a lot of people that pay advisors for no reason what so ever.

 

[WVUPharm2007]

This is a matter of a person willing to do a little research on their own.

What you said is very true but after they say that once, what exactly are you now paying them for?

I could see the value of seeing a CFP more than once. It depends on how complex your situation is. Sometimes the tax implications of various moves can require a lot of guidance.

I'm definately going to see a professional at some point in my 50s so that I can maximize my portfolio from a tax, risk, and sustainability perspective.

 

[wazoodog]

Because financial advisors are scammers. They try to sell a bunch of stuff and don't actually care about their clients.

Agree that many are exactly like this. Three of my friends sort of follow this business model so I'm well aware that these types exist. In fact, one of them continues to occasionally tries to persuade me to use his services instead. Not all are like this though.

 

[wagrxm2000]

I could see the value of seeing a CFP more than once. It depends on how complex your situation is. Sometimes the tax implications of various moves can require a lot of guidance.

I'm definately going to see a professional at some point in my 50s so that I can maximize my portfolio from a tax, risk, and sustainability perspective.

Oh yeah I will too but not until then.

 

[wazoodog]

I don't think he's "taking it personally" as much as he's just concerned that you are making some dude really rich when you can get the same advice for much cheaper.

Another way to look at it is, hypothetically now that I've heard the sound advice on this SDN thread I can look into possibly going DIY at some future point. But the past 5 years prior to hearing about Bogleheads.org or whatever have already passed. From my perspective, the past 5 years of using an investment advisor (as Bogleheads refers to it significantly outperformed the 5 years prior to that when I was DIY - and I have no doubt in mind that I wouldn't have done as well on my own with what I knew. In that regards, I have zero regrets of having used one...and that's really what matters to me. Yes, I can now go ahead and cry over could have been if I did this or that, but knowing myself my finances would been more or less stagnant for the past 5 years.

 

[wagrxm2000]

Just so I'm clear, financial advisors are useful when they are actually giving advice.

Taking money from you to "manage" your account is not one of those reasons.

 

[wazoodog]

Oh yeah I will too but not until then.

FWIW, a former boss who was about to retire was the one who referred their advisor. They started using one a couple years before retirement, and mentioned they wished they started earlier like at my age (at the time).

 

[wazoodog]

Just so I'm clear, financial advisors are useful when they are actually giving advice.

Taking money from you to "manage" your account is not one of those reasons.

It is if they're managing it better than I would on my own.

 

[wagrxm2000]

It is if they're managing it better than I would on my own.

Trust me it's not hard. There are literally index funds that delivery the same exact returns as the market.

 

[quickpic007]

Roughly -110k

Keep working on it! Cut out any wasteful spend!

Wow I am actually worth a little more than I realized. Sweet!

I see your vote in the 1.4 category!! =D

Noted. Need a sugar momma.

Lots of rich ladies in California! Should be easy, just flash them your vanguard screenshot. Only after you see theirs!

 

[wazoodog]

Trust me it's not hard. There are literally index funds that delivery the same exact returns as the market.

Seems like the topic is well covered here, with a healthy debate presenting all sides: NYT article: Everyone should hire a financial planner - Bogleheads.org

I can relate to this:

" Many who have enough income and self control to earn a lot and save some of it would do well to have a financial advisor, because they are focused on their career and family and can't or won't think through investment choices. They keep it in money market funds, or in their employer's stock, or in whatever Jim Cramer is making noise about, and their investment performance is abysmal. Whatever ML, WF, EJ, or UBS puts them in would be better than the crummy decisions they are making for themselves, even net of fees. They still need to avoid Bernie Madoff and his ilk, which is probably harder than it looks. "

 

[WVUPharm2007]

Seems like the topic is well covered here, with a healthy debate presenting all sides: NYT article: Everyone should hire a financial planner - Bogleheads.org

It's not the "hire a financial planner" part that has us concerned. It's the "pay him 1% AUM fee" part that has us concerned.

 

[Argentium]

Some people want to pay a financial advisor to help them with their investments, tax optimization, etc. If they weren't doing it before and this guy helped them finally get to the right place, then how can you fault them for hiring him/her?

Why do you pay to get your oil changed when you could very easily do it on your own?
Why do you go out to eat when you could cook yourself for 1/4 - 1/3 of the price?

 

[wazoodog]

It's not the "hire a financial planner" part that has us concerned. It's the "pay him 1% AUM fee" part that has us concerned.

I think the concern would be more legitimate depending on how large of a portfolio is considered under AUM. As I said before, it's not my entire NW.

Also, an index fun was mentioned. What if I don't want to put all my investments in an index fund - well then I have to research what else is out there or what I don't know. Or pay someone who knows this stuff to help me manage.

For the past few years, it was as simple as: {How much portfolio grew) - (fee) > (How much portfolio grew under DIY). The difference between the two was significant enough. More importantly, I feel confident that even if the market tanks I'm still on track to reach my financial goals. Given my situation at the time, the AUM fee was acceptable considering the portfolio size when we started. However, I see your point that as it continues to grow it would be good to re-evaluate.

 

[wazoodog]

Some people want to pay a financial advisor to help them with their investments, tax optimization, etc. If they weren't doing it before and this guy helped them finally get to the right place, then how can you fault them for hiring him/her?

Why do you pay to get your oil changed when you could very easily do it on your own?
Why do you go out to eat when you could cook yourself for 1/4 - 1/3 of the price?

Thank you, exactly my point.

Sure, we can do a whole lot of things DIY if we chose to. At the end of the day, you just want to get from point A to point B. There will always be a way to do it more efficiently... but there will also always be ways to do it less efficiently, find yourself in trouble, or end up back at square 1 or worse.

 

[owlegrad]

I don’t want to speak for others but I would say the ease of buying index funds is why paying for professional management makes no sense. Do you really need to pay someone 1% to put money in an index? Surely not. At least with oil changes it is relatively inexpensive. The personal trainer is the better example but do you need a trainer to put money in an index? You shouldn’t.

I don’t think anyone thinks it was bad for you to pay someone when you didn’t know any better. Now you do.

 

[wazoodog]

I don’t want to speak for others but I would say the ease of buying index funds is why paying for professional management makes no sense. Do you really need to pay someone 1% to put money in an index? Surely not. At least with oil changes it is relatively inexpensive. The personal trainer is the better example but do you need a trainer to put money in an index? You shouldn’t.

I don’t think anyone thinks it was bad for you to pay someone when you didn’t know any better. Now you do.

Fair enough - I respect your opinion. I should add that the management strategy for my assets isn't as simple as putting it all in a single index fund, but that strategy may appropriate for someone else's goals.

 

[wazoodog]

The personal trainer is the better example but do you need a trainer to put money in an index? You shouldn’t.

Expanding on this analogy, it depends on what your actual fitness goals are. If your goal is something general like lose weight...the plan can be as simple as just start walking every day for 30 minutes, start resistance training, and modify portion sizes. Even if the plan is simple, plenty of people get better results using a personal trainer if they struggle to maintain discipline or don't put in the legwork to discern good advice from bad advice. Maybe even potential injury is prevented. OTOH, if your goal is to prepare for a bodybuilding competition 5 months out, maximize for basketball performance or prepare for a specific acting role...a qualified personal trainer can really help with designing a tailored plan to get you there as well as you guide you through the journey.

Likewise, financial goals can differ from person to person. Yes, in a general sense we all want to be in good in financial health and be rich, or at least retire comfortably. If all a financial advisor did was put money in an index fund, then sure it's simple plan to develop DIY but even still, some would benefit from having a "trainer" to help them maintain financial discipline for long term. I would hope that a good financial planner would at least help you gain more focus on your goals, and introduce more concepts than just that along the way.

 

[Argentium]

Expanding on this analogy, it depends on what your actual fitness goals are. If your goal is something general like lose weight...the plan can be as simple as just start walking every day for 30 minutes, start resistance training, and modify portion sizes. Even if the plan is simple, plenty of people get better results using a personal trainer if they struggle to maintain discipline or don't put in the legwork to discern good advice from bad advice. Maybe even potential injury is prevented. OTOH, if your goal is to prepare for a bodybuilding competition 5 months out, maximize for basketball performance or prepare for a specific acting role...a qualified personal trainer can really help with designing a tailored plan to get you there as well as you guide you through the journey.

Likewise, financial goals can differ from person to person. Yes, in a general sense we all want to be in good in financial health and be rich, or at least retire comfortably.

Will add that financial advisors obviously vary but if you browse different forums or talk to old-timers who have financial advisors (admit that most millennials don't have one probably), you'll hear stories of how the advisor walked them off the ledge of selling in 2001 dot com crisis or 2008 financial crisis. That one moment could be worth hundreds of thousands of dollars, if not millions over the longer term

If you have the discipline, knowledge, mental fortitude to hold under pressure, time, etc. to do it on your own then more power to ya, but not everyone does

 

[Sabril]

Can't argue about investing strategies here, but the way I see it, you can't bring millions with you to the grave. If in your lifetime, you have a couple of people that you can trust enough to spend the big bucks on and can give you results that you are happy with, count it as your blessing.

 

[mentos]

Seems like the topic is well covered here, with a healthy debate presenting all sides: NYT article: Everyone should hire a financial planner - Bogleheads.org

I can relate to this:

" Many who have enough income and self control to earn a lot and save some of it would do well to have a financial advisor, because they are focused on their career and family and can't or won't think through investment choices. They keep it in money market funds, or in their employer's stock, or in whatever Jim Cramer is making noise about, and their investment performance is abysmal. Whatever ML, WF, EJ, or UBS puts them in would be better than the crummy decisions they are making for themselves, even net of fees. They still need to avoid Bernie Madoff and his ilk, which is probably harder than it looks. "

You never mentioned that kind of car your financial advisor drives?